CenterBook Partners LP Purchases Shares of 999,361 Shoals Technologies Group, Inc. $SHLS

Key Points

• CenterBook Partners LP disclosed a new fourth-quarter stake in Shoals Technologies Group, buying 999,361 shares worth about $8.5 million, or roughly 0.60% of the company.
• Several other institutional investors also increased their SHLS holdings, while analysts remain generally positive with a Moderate Buy consensus and a $9.64 average price target.
• Shoals reported better-than-expected quarterly results, with EPS of $0.07 and revenue of $140.56 million, up 74.4% year over year; however, CFO Dominic Bardos recently sold 54,449 shares.

CenterBook Partners LP purchased a new stake in shares of Shoals Technologies Group, Inc. (NASDAQ:SHLS - Free Report) during the fourth quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The fund purchased 999,361 shares of the company's stock, valued at approximately $8,495,000. CenterBook Partners LP owned approximately 0.60% of Shoals Technologies Group as of its most recent SEC filing.

A number of other hedge funds and other institutional investors have also recently bought and sold shares of SHLS. Peconic Partners LLC lifted its position in Shoals Technologies Group by 79.8% during the second quarter. Peconic Partners LLC now owns 6,975,186 shares of the company's stock valued at $29,645,000 after buying an additional 3,095,186 shares in the last quarter. UBS Group AG lifted its position in Shoals Technologies Group by 87.6% during the fourth quarter. UBS Group AG now owns 6,140,543 shares of the company's stock valued at $52,195,000 after buying an additional 2,867,959 shares in the last quarter. Amundi lifted its position in Shoals Technologies Group by 858.2% during the third quarter. Amundi now owns 2,099,053 shares of the company's stock valued at $15,830,000 after buying an additional 1,879,985 shares in the last quarter. Ameriprise Financial Inc. lifted its position in Shoals Technologies Group by 1,110.0% during the second quarter. Ameriprise Financial Inc. now owns 1,687,082 shares of the company's stock valued at $7,170,000 after buying an additional 1,547,651 shares in the last quarter. Finally, Schroder Investment Management Group lifted its position in Shoals Technologies Group by 82.9% during the third quarter. Schroder Investment Management Group now owns 3,407,848 shares of the company's stock valued at $25,252,000 after buying an additional 1,545,051 shares in the last quarter.

Wall Street Analyst Weigh In

A number of brokerages have weighed in on SHLS. Needham & Company LLC reaffirmed a "buy" rating and set a $12.00 price target on shares of Shoals Technologies Group in a research report on Wednesday, May 6th. Guggenheim reissued a "buy" rating on shares of Shoals Technologies Group in a research report on Friday, May 22nd. BNP Paribas Exane raised shares of Shoals Technologies Group from an "underperform" rating to a "neutral" rating and set a $9.00 target price on the stock in a research report on Wednesday, February 25th. TD Cowen reissued a "buy" rating on shares of Shoals Technologies Group in a research report on Tuesday, February 24th. Finally, UBS Group boosted their target price on shares of Shoals Technologies Group from $11.00 to $12.00 and gave the stock a "buy" rating in a research report on Thursday, May 7th. Ten equities research analysts have rated the stock with a Buy rating, six have given a Hold rating and one has given a Sell rating to the stock. According to data from MarketBeat.com, the company has a consensus rating of "Moderate Buy" and a consensus price target of $9.64.

Shoals Technologies Group Stock Performance

NASDAQ SHLS opened at $10.81 on Monday. The company's fifty day simple moving average is $8.59 and its 200-day simple moving average is $8.46. Shoals Technologies Group, Inc. has a 52 week low of $3.99 and a 52 week high of $13.18. The company has a current ratio of 1.84, a quick ratio of 1.07 and a debt-to-equity ratio of 0.30. The stock has a market cap of $1.81 billion, a P/E ratio of 54.05, a PEG ratio of 1.31 and a beta of 1.89.

Shoals Technologies Group (NASDAQ:SHLS - Get Free Report) last posted its quarterly earnings results on Tuesday, May 5th. The company reported $0.07 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.06 by $0.01. The firm had revenue of $140.56 million for the quarter, compared to analysts' expectations of $129.16 million. Shoals Technologies Group had a net margin of 6.27% and a return on equity of 10.03%. The firm's quarterly revenue was up 74.4% compared to the same quarter last year. Equities research analysts predict that Shoals Technologies Group, Inc. will post 0.34 EPS for the current fiscal year.

Insider Transactions at Shoals Technologies Group

In related news, CFO Dominic Bardos sold 54,449 shares of the company's stock in a transaction on Friday, May 8th. The shares were sold at an average price of $8.48, for a total value of $461,727.52. Following the sale, the chief financial officer directly owned 394,979 shares of the company's stock, valued at $3,349,421.92. This represents a 12.12% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is accessible through this link. 0.81% of the stock is owned by corporate insiders.

Shoals Technologies Group Company Profile

Shoals Technologies Group, Inc is a leading provider of electrical balance-of-system (BOS) solutions for the solar energy industry. The company designs, engineers and manufactures a comprehensive portfolio of products, including junction boxes, combiner boxes, cable assemblies, power distribution units and monitoring systems. These components are critical to interconnecting photovoltaic modules, optimizing energy output and ensuring safe, reliable performance across solar installations.

Founded in 1996 and headquartered in Portland, Tennessee, Shoals has grown its manufacturing and operations footprint to serve customers around the globe.

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